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1. Now is the time to make that plan
Start off by thinking of what you want to accomplish in the
business world. Fixing machines and making customers happy is only
the tip of the iceberg. How are we going to get there? What
actions should we take? What do we need to do first? Making money
is a great idea but what about my legal obligations? Always check
with your local county clerk to see what documentation your
business needs. Never take anything for granted or shrug it off
because your good friend Ben thinks it’s ok to do business without
the proper documentation. Consider the consequences of someone
tripping over your tool bag while you are working on a machine.
Will they sue or just get up off the floor and dust themselves off
and continue walking? What kind of insurance do you really need?
We have to closely examine the pros and cons of every phase of the
business. Always identify the potential downfalls in business
because there will always be many of them. Independent techs that
are working in the field may be well qualified to service that
“Super Duper” BOX and will successfully service that BOX for
several years. What happens when a new “Super Duper XX” BOX
replaces the first one? Will you be able to compete with other
independent techs without the training or the technical material?
If you plan for the obstacles in business it means you will be
ready to meet that challenge when it happens. And you will most
likely succeed. The information that will help you write a great
business plan is in your local library. As much as the road map to
that amusement park is a valuable tool, the Business Plan is more
important because it will guide you in the right direction when
you slam into that road bump.
2. Channel your energy and Focus on your drive
Take a serious look at your ability to succeed. How would you
describe your “drive”? Are you a Teddy Roosevelt personality
charging up the San Juan Hill? Or are you a more laidback kind of
guy? Either type of personality can succeed in business as long as
you believe your abilities to succeed are strong. Believe in
yourself first and foremost. When people offer you criticism,
listen to what they have to say and analyze it. Don’t be too egger
to throw that criticism under the bus until you have had the time
to evaluate the information. Use the negative criticism in a
constructive way and it may actually help you make a clear
decision about what you plan to accomplish. Keep in mind that a
person’s drive is very often based on what that person believes
about himself or herself. The bottom line here is if you believe
in yourself and believe you can “do what you set out to do”, you
will perform better than the guy that has less faith in himself.
Many years ago, there was a story in a national weekly paper about
a Wall Street Stock broker that walked away from his six-figure
job to become a blacksmith in upstate New York. At the time I
thought this guy was a nut job to walk away from his high salary
to become a blacksmith making a fraction of what he made on Wall
Street. It turns out the guy had self-efficacy, the belief that he
can accomplish what he set out to do. Whatever the reason was for
resigning his position on Wall Street, you have to admit that he
had a lot of guts to do something completely different. One thing
stands out: His belief in himself was phenomenal.
3. Set your goals- don’t let them become too wild
It has often been said that if your goals are too high they will
backfire. Or you could become “burnt out” and lose all interest in
the project. With this in mind I wonder how many people heard the
expression “KISS” and what it stands for? Simply stated, it means
“Keep It Simple Stupid”.
Steve, a business associate I know, wanted to expand his business
and make more money. Hey, it’s a goal all of us harbor. Get big
like GE and make piles of money like GM. You have to admit that
it’s everyone’s wish to become rich and famous. When Steve started
off in business, his main focus and goal was to provide
maintenance on high volume copiers and printers. His business
started to suffer when he added a refurbishing operation. I think
Steve burnt himself out by adding the refurbishing element to his
business. During the day, he managed his service business and when
he had some free time, he would refurbish copiers. At night after
he closed for the day, he would devote his full attention to the
refurbishing details. Needless to say, this went on for several
months and eventually Steve started to lose interest in both the
services he provided his customers. Steve probably had the right
idea but lacked the capital to do both effectively. Setting your
goals too high without the proper financial backing can be
devastating.
4. Going public and Sharing your plan
We can all understand a businessman keeping his plan secret until
he is ready to go public. We do not want to let the other person
see our hand until we are ready for fear of having our idea
stolen. This used to be the prevailing belief among many
businesspeople. My philosophy is kind of different. Instead of
keeping my intentions to myself I would rather share my ideas with
other people to get their reactions and opinions. If you share
your idea with a few people, it is almost like having a small
(unpaid) board of directors on board. The board of directors can
help reinforce your behavior. Think about this: If you have
someone watching you, would it be harder for you to quit? I think
so because those people are watching your progress and they want
to see you succeed. To keep in touch with all your board of
directors, create a website and tell them to read it. When you
make updates, tell people to comment on it and that will be a big
help in keeping you on track. The website (or blog) does not have
to be fancy or expensive to make. There is plenty of inexpensive
software on the market that will let you do something really easy
and cheap.
5. Lean on your Board of Directors
Think about it for a minute, do you think your friends and family
would like to see you succeed? Damn right, they would love to see
you pull into their driveway with a new expensive car. Recruiting
those folks with whom you really have a solid relationship with is
so important when your motivation begins to sway. When you are
choosing your board of directors, do not forget the people that
saw you fail in your last attempt as well as those that did not
see you fail. You need a well-balanced group of directors.
About three years ago I wanted to get into the recycling business.
When I mentioned it to my friends they all thought it was great
idea. Then I started to do my homework and discovered there were
many obstacles to overcome. The idea was a sound one and they
offered me plenty of suggestions and ideas. The startup costs were
nominal and within my budget. However, the raw supply of the (pre)recycled
product was questionable at best. In the long run I backed out of
my idea on recycling because of the supply issue. You can’t
recycle something if there is a low availability of the product no
matter what the demands of the product are.
My board of directors proved to be a very valuable commodity and I
was glad they were there for me. You may ask yourself, how many
“board of directors” will I need? Well, that is up to you and the
people you ask. You could start with three or four friends and
maybe two or three family members. You don’t need a football team
to be there with you nor do you need to have all businesspeople on
your board. Regular folks with some common sense will do just
fine, and if you feel compelled to have one businessperson aboard,
fine. I think the most important commodity a person has is his/her
common sense when making decisions. Steer clear of people that
have wild imaginations or dreams that are beyond completion. But I
would advise you to keep these people close to you because there
may be a point in time that their advice will be of some
importance. Alfred Nobel, bless his heart, invented something so
great and influential, he is still handing out his “Nobel” prize
today.
Never give up a good idea without doing the homework required.
Even if you encounter many hurdles along the way, resolve them one
at a time until you can make a clear decision as to which
direction your company should take. Next month we will explore the
other 5 secrets of success. I can be reached via email to:
VillageCopierNY@aol.com